Alcoa

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. Our purpose is to turn raw potential into real progress, underpinned by Alcoa Values that encompass integrity, operating excellence, care for people and courageous leadership. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to improved safety, sustainability, efficiency, and stronger communities wherever we operate.

Alcoa (NYSE:AA) Swings to Loss in Q2, Revenue Falls

/ / Basic Materials /

Alcoa (NYSE:AA)  reported a Q2 adjusted loss per share of $0.35, swinging from a profit of $2.67 a share a year ago. Analysts surveyed by Capital IQ expected a normalized loss of $0.47. Revenue for the quarter ended June 30 was $2.68 billion, down from $3.64 billion last year. Analysts polled by Capital IQ expected $2.74 billion. For Q3, the company expects a net improvement of $25 million in Aluminum Segment adjusted EBITDA on favorable raw materials and lower production costs, partially offset by unfavorable value add aluminum products sales. For 2023, the company expects total alumina and aluminum shipments to remain unchanged between 12.7 metric tons and 12.9 million metric tons and between 2.5 metric tons and 2.6 million metric tons, respectively.

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Alcoa(NYSE:AA) announced the closure of the Interlco smelter in preparation for reconstruction

/ / Basic Materials /

On March 14, 2023, Alcoa Corporation (the “Company”) approved the permanent closure of the Intalco aluminum smelter (the “Smelter”) located in Washington state, U.S.A, effective immediately. The Smelter has been fully curtailed since 2020. The Company’s decision to permanently close the Smelter was made after various options were evaluated for the Smelter. The Smelter has a total capacity of 279,000 metric-tons-per-year. Decommissioning and demolition activities to prepare the site for potential redevelopment will begin immediately. The Company will record restructuring and related charges in the first quarter of 2023 of approximately $120 million (pre- and after-tax), or $0.67 per share, related to the permanent closure of the Smelter. These charges include: approximately $17 million of asset impairments; approximately $51 million to write off the remaining net book value of various assets; approximately $51 million related to decommissioning and demolition obligations, such as asbestos abatement and material disposal; and $1 million of employee

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